Core Viewpoint - Morgan Stanley analyst Michael Cyprys has lowered the price target for T. Rowe Price (TROW) to $123 from $128 while maintaining an Equal Weight rating on the shares, following updates based on the latest Assets Under Management (AUM) month-end disclosure for December [1] Group 1 - The price target for T. Rowe Price has been reduced from $128 to $123 [1] - The rating on T. Rowe Price shares remains at Equal Weight [1] - The update is based on the latest AUM month-end disclosure for December [1]

Group 1 - The issuer of the securities is F.I.S. – Fabbrica Italiana Sintetici S.p.A, with an aggregate nominal amount of EUR 300 million and EUR 470 million [3] - The securities include a fixed-rate senior secured note (SSN FXD) due on February 5, 2031, and a floating-rate senior secured note (SSN FRN) [3] - The offer price for both types of securities is set at 100 [3] Group 2 - No stabilization activities were conducted by the Stabilisation Managers in relation to the securities offer [2] - The Stabilisation Managers include BNP Paribas, Goldman Sachs International, and several other major financial institutions [4] - The announcement clarifies that the securities are not offered for sale in the United States and have not been registered under the U.S. Securities Act of 1933 [5]

责任编辑：曹睿潼 来源：今日建行 近日，中国建设银行作为牵头主承销商和牵头簿记管理人，成功支持摩根士丹利在中国银行间债券市场 发行26亿元熊猫债。本次发行主体为摩根士丹利私人有限公司，由集团母公司摩根士丹利提供全额、无 条件且不可撤销的担保，期限5年，票面利率2.10%，吸引境内外投资者的踊跃认购，体现出国际市场 对中国债券市场与人民币资产的坚定信心。 来源：今日建行 该项目是建设银行首次作为牵头主承销商服务美资背景主体发行的熊猫债，也是建设银行与摩根士丹利 长期合作的重要里程碑。摩根士丹利作为首批进入中国市场的国际知名投资银行之一，三十余年来积极 参与中国金融市场的建设与发展。本次债券发行也体现了摩根士丹利与建设银行的合作再上新台阶。 近日，中国建设银行作为牵头主承销商和牵头簿记管理人，成功支持摩根士丹利在中国银行间债券市场 发行26亿元熊猫债。本次发行主体为摩根士丹利私人有限公司，由集团母公司摩根士丹利提供全额、无 条件且不可撤销的担保，期限5年，票面利率2.10%，吸引境内外投资者的踊跃认购，体现出国际市场 对中国债券市场与人民币资产的坚定信心。 该项目是建设银行首次作为牵头主承销商服务美资背景主体发行 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In Q4 2025, overseas bond funds mainly increased their positions in MBS (+2.6pp) and treasury bonds (+2.4pp), reduced derivatives (-5.3pp), and slightly increased corporate bonds. However, they were still significantly underweight in treasury bonds compared to the benchmark index. The funds slightly extended the duration in Q4 2025 [3]. - In the credit - bond portfolio, in Q4 2025, funds mainly increased their positions in the communications (+1.1pp) and cyclical consumption (+0.5pp) sectors, and reduced their positions in the banking (-0.7pp) and energy (-0.3pp) sectors. The overall credit quality of the portfolio slightly improved as funds mainly reduced their positions in BBB - rated bonds and increased their positions in AA - rated bonds [2][3]. - From an individual bond perspective, the companies that funds increased the most in Q4 last year included internet technology companies such as Meta and Amazon. In absolute terms, the companies that funds were overweight compared to the benchmark index were concentrated in sectors like banking, automotive, and tobacco, and they also maintained an overweight position in sectors such as TMT and health insurance [2]. 3. Summary by Relevant Catalogs 3.1 Analysis Sample - The report selected US actively managed funds with a large asset management scale and timely data disclosure as observation samples, including comprehensive investment - grade funds and pure corporate - bond funds. Comprehensive funds were used as samples for analyzing the large - asset allocation of funds, and all sample funds were used for analyzing the credit - bond portfolio [3]. 3.2 Asset Allocation - As of Q4 2025, overseas bond funds mainly increased their positions in MBS (+2.6pp), treasury bonds (+2.4pp), and slightly increased corporate bonds compared to Q3, while reducing derivatives (-5.3pp). However, they were still significantly underweight in treasury bonds compared to the benchmark index [3]. - In Q4 last year, the funds slightly extended the duration [3]. 3.3 Credit - Bond Portfolio - **Industry Allocation**: In Q4 2025, funds mainly increased their positions in the communications (+1.1pp) and cyclical consumption (+0.5pp) sectors, and reduced their positions in the banking (-0.7pp) and energy (-0.3pp) sectors. The banking sector still had a relatively high proportion in credit bonds, accounting for 26% as of Q4 2025 [3]. - **Comparison with the Benchmark Index**: Compared with the previous quarter, funds were overweight in the communications (+0.3pp) and cyclical consumption (+0.1pp) sectors and underweight in the technology (-0.2pp), banking (-0.1pp), and power (-0.1pp) sectors. Compared with Q4 2024, in 2025, funds were mainly overweight in the technology (+0.4pp), cyclical consumption (+0.4pp), communications (+0.3pp), and insurance (+0.2pp) sectors and underweight in the banking (-0.5pp) and power (-0.2pp) sectors [3]. - **Rating Allocation**: Funds mainly reduced their positions in BBB - rated bonds and increased their positions in AA - rated bonds, with the credit quality of the portfolio slightly improving. In the industry distribution, funds maintained a BBB - rated - based allocation in most industries but carried out credit downgrades in the communications, cyclical consumption, and public - utility sectors [2]. - **Individual Bond Analysis**: The companies that funds increased the most in Q4 last year included internet technology companies such as Meta and Amazon, possibly affected by new - bond supply. In absolute terms, the companies that funds were overweight compared to the benchmark index were concentrated in sectors such as banking (e.g., JPMorgan Chase, Morgan Stanley, UBS), automotive (e.g., Ford, General Motors, Hyundai), and tobacco; in addition, funds also maintained an overweight position in sectors such as TMT (e.g., Oracle, Meta, Broadcom) and health insurance, which were sectors with attractive valuations [2].

格隆汇2月4日｜摩根士丹利报告指出，从外资流向来看，1月美国和欧盟共同基金对中国股票的流入达 86亿美元，创2024年10月以来新高。1月，来自美欧的主动型基金时隔近三年首次转为净流入，规模约 12亿美元。被动型基金加速流入，规模达74亿美元；前月为44亿美元。大摩指出，全球基金对中国股票 整体仍维持低配状态，而新兴市场基金及亚洲(除日本)基金小幅下调中国主动型仓位。 ...

Markets are looking for a reason to breathe again, and Morgan Stanley feels it may have found one. According to the bank’s chief equity strategist, Mike Wilson, Kevin Warsh’s nomination to replace Federal Reserve Chair Jerome Powellis effectively shaping up to be a long-awaited confidence reset. Powell’s chair term expires in mid-May this year, and Warsh is now the administration’s clear choice to take up the Fed’s hot seat. Nevertheless, since the announcement, things have been choppy to say the least ...

2月2日，摩根士丹利中国首席经济学家邢自强在大摩每周宏观策略谈中，围绕近期资本市场的 "过山 车" 式波动、背后驱动因素及后续投资方向提出了最新观点。他指出，近期资本市场经历"过山车"式波 动，主要受多重因素叠加影响：包括美联储新任主席提名人选Kevin Warsh，主张"降息不变、缩表提 速"的政策取向，日本国债波动及汇率干预传闻，以及美国部分AI企业业绩不及预期等。这些变化引发 市场对流动性边际收紧的担忧，尤其体现在贵金属市场出现"史诗级震荡"。邢自强分析称，Kevin Warsh如果上任，预计将延续降息路径，但会加速缩减资产负债表，减少非常规流动性工具使用，回归 传统利率调控。此举可能抬升市场波动中枢，波动会更加常态化。包括他提供的前瞻指引，可能也不见 得像过去10年那样。 这一系列，都会引发对美联储政策的一个预期再平衡。但美国通过相对偏高的投 资拉动增长，相对居高不下的通胀，以及压低利率来化债，这个大方向并没有重大变化。这也不是一个 联储主席，或者是一个货币政策就能完全解决的化债方向。所以在这个过程中，长期来讲，以美元为代 表的法币体系对其他的战略资产，逐步弱化、信用被蚕食的长期过程并没有变。 来源： ...

来源：市场资讯 来源：六里投资报 2月2日，摩根士丹利中国首席经济学家邢自强在大摩每周宏观策略谈中，围绕近期资本市场的 "过山 车" 式波动、背后驱动因素及后续投资方向提出了最新观点。 他指出，近期资本市场经历"过山车"式波动，主要受多重因素叠加影响： 包括美联储新任主席提名人选Kevin Warsh，主张"降息不变、缩表提速"的政策取向， 但美国通过相对偏高的投资拉动增长，相对居高不下的通胀，以及压低利率来化债，这个大方向并没有 重大变化。 这也不是一个联储主席，或者是一个货币政策就能完全解决的化债方向。 所以在这个过程中，长期来讲，以美元为代表的法币体系对其他的战略资产，逐步弱化、信用被蚕食的 长期过程并没有变。 日本国债波动及汇率干预传闻，以及美国部分AI企业业绩不及预期等。 这些变化引发市场对流动性边际收紧的担忧，尤其体现在贵金属市场出现"史诗级震荡"。 邢自强分析称，Kevin Warsh如果上任，预计将延续降息路径， 但会加速缩减资产负债表，减少非常规流动性工具使用，回归传统利率调控。 此举可能抬升市场波动中枢，波动会更加常态化。 包括他提供的前瞻指引，可能也不见得像过去10年那样。 这一系列，都 ...

Core Viewpoint - Morgan Stanley's diverse business model has led to solid performance, with RBC Capital raising its price target to $207 from $185 while maintaining a Sector Perform rating [1][3]. Group 1: Financial Performance - Morgan Stanley achieved a return on tangible common equity (ROTCE) exceeding 20% [3]. - The Wealth Management segment reported a record pre-tax margin of 31.0%, highlighting its strong performance [3]. Group 2: Business Strategy and Future Outlook - The company plans to leverage operating efficiencies with a projected tax rate of 22-23% in 2026 [4]. - Continued investments in technology and client competencies are anticipated, focusing on artificial intelligence and digital assets [4]. - Morgan Stanley operates as a global financial services company, offering investment banking, securities, wealth management, and investment management services [4].

现任美联储主席鲍威尔就在去年10月表示，货币政策在"公众理解美联储在做什么以及为何这么做"的情 况下会"更加有效"。美联储上月维持利率不变。交易员普遍认为，至少要到7月，美联储才会再次调整 基准借贷成本。 （原标题：大摩：沃什执掌下美联储或"少说话" 美债市场波动将加剧） 智通财经APP获悉，摩根士丹利表示，由凯文·沃什领导的美联储可能因央行对外沟通减少而推高美国 国债市场的波动性。该行策略师马修·霍恩巴赫和马丁·托比亚斯在1月30日的一份报告中写道："沃什并 不喜欢让市场过度依赖美联储的观点。如果市场的看法与他的判断不同，他未必会去强化市场的观 点。" 美国总统特朗普在上周提名沃什为下一任美联储主席，以接替将于5月结束主席任期的鲍威尔。沃什曾 在2006年至2011年期间担任美联储理事。摩根士丹利对当时联邦公开市场委员会(FOMC)会议记录的回 顾显示，沃什希望投资者自行形成对经济增长、通胀以及货币政策的判断。 过去一年里，尽管美国国债收益率的绝对水平随着经济增长、劳动力市场和通胀变化而波动，但市场对 利率变动的反应幅度却大幅下降。这在很大程度上源于美联储政策路径的可预期性，以及其清晰的对外 沟通。 Mar ...